GEICO Extends Relationship With CCC to Include Smart Digital Fraud Detection
Powered by AI, CCC® Smart Red Flag with Cross Carrier Analysis Uncovers Claims Discrepancies and Duplicate Filings Across Participating Insurers
Smart Red Flag Detection Capabilities Deliver Important Advancement Toward Straight-Through Processing
Today, the annual total impact of fraud to the insurance industry (non-health insurance) is estimated to be more than
"Auto insurance fraud is a long-standing industry problem and among the biggest factors impacting premiums," said
CCC Smart Red Flag uncovers multiple filings for the same damage, duplicate VINs, odometer disparities, or garaging errors early in the claim lifecycle. Using AI, damage photos are assessed, pinpointing inconsistencies and anomalies and providing clarity to appraisers and investigative teams. A Smart Red Flag score dynamically adjusts based on parameters set by insurers. Stored images and new claims photos can be viewed side-by-side and VINs and operations codes can be compared to identify common parts across claims. For insurers who opt-in, their claims are automatically compared against claims received by participating carriers on the CCC network, digitizing the process and helping to safeguard against suspicious activity.
"Carriers across the industry recognize the benefit of a robust database of cross carrier claim details to improve industry-wide fraud detection," said
Click here to learn more about CCC® Smart Red Flag with Cross Carrier Analysis.
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This press release contains forward-looking statements that are based on beliefs and assumptions and on information currently available. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements regarding future use and performance of CCC’s digital and AI solutions. Such differences may be material. We cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, competition, including technological advances and new products marketed by competitors; changes to applicable laws and regulations and other risks and uncertainties, including those included under the header “Risk Factors” in most recently filed Form 10-K by CCC with the
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